NEW DELHI (Commodity Online): In a boost to India’s diamond industry and its trade with Namibia, the two countries inked five agreements, including one on civil nuclear energy which allows for supply of uranium from the African country.

This was decided at the start of President Hifikepunye Pohamba’s five-day visit to India.

Among the agreements that were signed is the cooperation between the two nations on uranium. And, Namibia has the best uranium in the world. Nambia is the fifth largest producer of uranium in the world.

After Nuclear Suppliers Group (NSG) allowed trade in nuclear technology and fuel with India, the South Asian country has been looking to ramp up its production of nuclear energy to meet its need for increasing electricity.

But, with limited domestic uranium reserves, India has been looking abroad to get assured supplies. It has already signed an agreement with Kazakhstan. Australia has, however, so far refused to supply uranium to India, unless it signs the Nuclear Non-Proliferation Treaty.

The Indo-Namibian agreement in peaceful uses of nuclear energy allows for supply of uranium and setting up of nuclear reactors.

The India had last week also given the green light to the government to sign an umbrella agreement with Namibia in the lucrative area of mining.

The Namibian president also invited Indian industrialists to try and redress the balance of trade which was heavily in favour of India. While exports from India stood at $40 million for 2007-8, imports of Nambia were at nearly half at $21 million.

India has been strongly advocating for the Africanisation of the diamond trade, where the countries get the benefit from the industry.